Home Prices Continue to Soften

New data shows median house prices across Australia are continuing to soften.

PropTrack says national median house prices are now 0.4% lower than at the same time last year but median unit prices are 1.8% higher.

In the house market, all of the larger capital cities recorded small declines during September, although over the course of the past 12 months, only Sydney (-6.5%), Melbourne (-6.2%) and Canberra (-3.5%) are lower.

Median house prices remain higher than this time last year in Brisbane, Adelaide, Perth, Hobart and Darwin.

It’s a similar story in the unit market.

PropTrack Senior Economist Eleanor Creagh says Sydney and Melbourne markets remain the furthest below their peaks, but regional markets are continuing to perform better.

“Regional markets remain considerably more resilient. Prices were unchanged in September and remain 5.1% higher than a year ago, compared to a 1.6% annual decline across the combined capitals,” she says.